Economy
Wealth Distribution in the K-Shaped Economy
January 30, 2026
A comparison of the assets and liabilities of the wealthiest Americans versus the rest of the country
A comparison of the assets and liabilities of the wealthiest Americans versus the rest of the country
2025 was another banner year for momentum stocks. Only three years (including 2024) saw greater returns.
The 10 spot bitcoin ETFs and Strategy, the largest digital asset treasury company, collectively hold about 10% of all bitcoin outstanding with an average purchase price of $85,400. They are now collectively holding an unrealized loss.
Bitcoin ETFs currently own almost 7% of all circulating bitcoin. While they offer exposure to crypto's price action, they might be a source of concern for real adoption of a decentralized, censorship-resistant currency.
For the last few decades the U.S. has been in a low interest rate environment where deficit spending would not cause major issues. A 40-year high in inflation and the higher rates that followed are stressing the country's finances.
A long-term look at the S&P 500's real earnings yield
A review of our recently published research
Commentary & analysis of selected stories on January 29, 2026
Commentary & analysis of selected stories on January 28, 2026
69 S&P 500 companies have reported earnings. Q4 is off to a slower start with mixed results from early reporting companies.